Pradhan Mantri Awas Yojana

The NDA government has initiated few steps in making a reality of housing for all by 2022. This is a PMAY referred to as Pradhan Mantri Awas Yojana – प्रधान मंत्री आवास योजना. This has expanded recently to cater to the needs of the housing of any mid-group, besides the weaker sections economically and also the low-income group. The Prime Minister doubled the eligible loan quantum to double for the benefits in the urban areas under the PMAY to Rs. 12 lakh.

What is Pradhan Mantri Awas Yojana?

PMAY was established in June 2015 and the govt views it as an affordable way of building pucca houses featuring water facility, electricity supply, and sanitation. Originally, this scheme was to cover the Rs. 3 lakh annual income people and not people who exceeded Rs. 6 lakh, but now this scheme covers the entire mid-income group.

PMAY scheme comprises of main aspects. It wishes to build home for the slum developers with private developers. The plan is to give a subsidy to the mid-income sections and also loans to the weaker sections so that it facilitates new renovation or construction of existing homes.

A subsidy on interest is given around 3 to 6.5 percent for the loans taken between Rs. 6 and Rs. 12 lakh. People in the EWS and the LIG category wishing to take a loan up to Rs. 6 lakh may enjoy an interest subsidy for 6.5% for a period of 15 years. Pradhan Mantri Awas Yojana status shows nearly 20,000 people already have used this scheme and have acquired loans. The government this month has increased up to Rs. 12 lakh the loan amount and this is done aiming the category of mid-income. The subsidy on loans will be 3% up to Rs. 12 lakh. In rural areas, the 3% interest subvention is offered up to 2 lakh on loans so that it is used to construct the new home on even for the old home’s construction.

Why is it important?

Pradhan Mantri Awas Yojana list reveals that there are unsold residences sitting costing above Rs. 50 lakh and the country estimates to have nearly 20 million housing units shortage required by the urban and rural poor. The PMAY aims to address this shortfall. The best advantage is that Pradhan Mantri Awas Yojana online.

The PMAY is trying to reveal that it is time India followed their FMCG peers and took to see the pyramid bottom.

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‘Pradhan Mantri Awas Yojana ‘ (PMAY) is an initiative by Government of India in which affordable housing will be provided to the urban poor with a target of building 20 million affordable houses by 31 March 2022